LATIN AMERICA DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

LATIN AMERICA DIABETES CARE DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

Latin America Diabetes Care Drugs Market is expected to register a CAGR greater than 3% over the forecast period, 2022-2027.

The COVID-19 pandemic has been testing the capacity to respond and adapt to populations, governments, and health systems worldwide. In the Latin America region, Brazil presented the first suspected and the first confirmed cases on January 27th and February 26th, respectively. Most Latin American countries failed to implement timely measures to protect individuals with diabetes, which may severely impact individuals, health systems, and economies.

The diabetic prevalence is high in countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing prevalence of Type-2 diabetes in the country. The gradually growing obesity rate, combined with the genetic predisposition for Type-2 diabetes, is acted as a prominent driver for the increase in the Type-2 diabetic population over the last 40 years. Currently, close to 10% of the total population is living with diabetes. Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, and they accounted for close to 90% of the total diabetic population in 2021.

Based on drugs, the insulin segment holds a significant share in the market. Over 100 million people around the world need insulin, including all the people suffering from Type-1 diabetes and between 10% and 25% of people with Type-2 diabetes. Production of insulin is very complex, and there are very few companies in the market that manufacture insulin. Due to this, there is high competition between these manufacturers, who always strive to meet the patient’s needs to supply the best-quality insulin.

Key Market TrendsOral Anti-Diabetic Drugs have the Highest Market Share in 2021

The Oral Anti Diabetes Drugs segment is expected to increase with a CAGR of over 3% during the forecast period, mainly due to the demand from the Type-2 diabetes population.

In Latin America, families pay about 40%–60% of diabetes costs out-of-pocket. Most private health insurance plans cover medical assistance, procedures, and hospitalization, but not medication. Latin America is undergoing a remarkable epidemiological transformation. Diabetes and other chronic, nontransmissible diseases are now the leading health problems. Despite the large and growing number of diabetes cases, this geographic area invests limited financial resources in diabetes care.

According to the International Diabetes Federation, diabetes patients spent USD 966 billion in 2021, of which, a major chunk was spent by Type-1 diabetes patients on insulin drugs. Few Type-2 diabetes patients also depend on insulin. Although only 10% of the diabetes population is Type-1, their intake of insulin is higher in them. Demand for oral drugs is driven by an increase in awareness about the benefits of diabetes drugs for diabetes patients, especially in emerging economies. Other factors, innovative drug development by major companies, and the rise in the geriatric and obese population may fuel the growth of the Oral Anti-Diabetes Drugs market.

Brazil Diabetes Drugs Market is having Highest CAGR during the forecast period

In Brazil, the Brazilian health system is managed by each state and local health secretariat and is governed by the MOH. Furthermore, in many towns where the public sector is unable to meet people's requirements, partnerships with private organizations to increase access to PHC have been put in place. The Brazilian health system in Brazil provides coverage to medicines through several programs that include a 20% expanded access to essential medicines. Brazil offers an extensive free immunization program. Brazil faced numerous lawsuits over the last 20 years, demanding the coverage of high-cost drugs to treat diabetes and certain rare or low-prevalence diseases.

According to Universal Health Coverage 2022, The four nations including Argentina, Brazil, Colombia, and Mexico achieved an overall index of essential coverage of 76-77 percent, with households spending less than 25 percent of their income on health care. Expanding access to primary healthcare systems and coverage for noncommunicable illnesses enhanced service coverage, while a rise in the number of qualified healthcare personnel enabled community outreach.

Brazil’s government is encouraging diabetes patients to use the medication to reduce the death rate in Brazil. The programs like “Health Has No Price (SNTP)” conducted by the Brazilian Ministry of Health associated with private pharmacies in Brazil to provide diabetes patients with two types of insulin (regular human insulin and isophane insulin or NPH) and three oral antidiabetic medications (5 mg glibenclamide and 500 and 850 mg metformin) free of charge.

As a result, the diabetes care market in Brazil is predicted to expand gradually in the coming years.

Competitive Landscape

The Latin American diabetes care drugs market includes several established global players, as well as local players. For branded drugs, in Latin America, there are only a few players that occupy a major share in the market. However, for generic drugs, the number of players is high, including several local players. Novo Nordisk holds the highest share in the Latin American diabetes care drugs market. Branded drugs of Eli Lilly and Boehringer Ingelheim Alliance are expected to record a high CAGR of more than 15% in the forecast period.

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